Update on Ghana Legal Proceedings

RNS Number : 0188U

Petrel Resources PLC

13 October 2014

 



13 October 2014

Petrel Resources plc

("Petrel" or "the Company")

Update on Ghana Legal Proceedings

The board of Petrel are pleased to report that an agreement has been reached with the Ghanaian authorities on the specific revised co-ordinates of the signed Petroleum Agreement on a licence Block in the Tano area of Ghana.  This solution is satisfactory for the Company and brings the Company's interests in acreage closer to existing discoveries.  As announced in July 2014, it was agreed that additional, contiguous acreage will be added to preserve the size of the Block, and a revised Activity Map has been circulated.  The agreement is between Pan Andean Resources Ltd (60% Clontarf Energy plc, 30% Petrel Resources plc, 10% local interests) the Ghana National Petroleum Corporation and the Government of Ghana. 

All parties have committed themselves to, and are acting to complete, the ratification process in accordance with law, which requires Cabinet and Parliamentary approval.

Accordingly, Pan Andean Resources Ltd has not reapplied to the High Court for further equitable relief but retains its right to reapply should it prove necessary.

ENDS

Enquiries:

Petrel Resources Plc

John Teeling, Executive Chairman                                                                                        [phone]

David Horgan, Director                                                                                                                       

Nominated Adviser and Broker

Northland Capital Partners Limited

Edward Hutton / Gavin Burnell

John Howes / Alice Lane (Broking)                                                                                        [phone]

Blytheweigh                                                                                                                                    [phone]

Tim Blythe                                                                                                                                        [phone]

Eleanor Parry                                                                                                                                   [phone]

Halimah Hussain                                                                                                                             [phone]

Pembroke Communications

Natalie Tennyson                                                                                                                          [phone]

 

END

 

 

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